Partner Center Find a Broker

USD/CAD has been ranging between 1.1300 and 1.100, and it looks like it’s in a downward trend at the moment. After today’s US interest rate hike the pair made a strong move downward and I believe we may see a continuation of that move during the euro session. I’m thinking one of two scenarios may happen: 1. The drop down has been temporarily exhausted and we will be seeing a short term correction to the upside. At that point traders will jump in short again… or 2. A strong move to the downside will continue after the open of the euro session. Here’s a couple of short ideas:

Short USD/CAD at 1.1150, stop at 1.1180, pt1 at 1.1130, pt2 at 1.1100

Short USD/CAD at 1.1050, stop at 1.1080, pt1 at 1.1030, pt2 at 1.1000

Please be cautious during the morning US economic report releases at 8:30 am EST and 10:00 am EST.

Good luck and good trading!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.